topic day trading taxes question in Get your taxes done using TurboTax

day trading taxes question

jwb889 — Tue, 10 Feb 2026 11:05:32 GMT

This year I started learning about day trading and did mostly short term trades. Like most newbies, I lost money this year (about 3k loss overall). I'm not used to seeing such large numbers under proceeds/cost basis and wondering how taxes will work with this.

Re: day trading taxes question

KrisD15 — Wed, 21 Feb 2024 19:17:48 GMT

Yes.

Enter under

Personal Income

Investment Income

“Stocks, Cryptocurrency, Mutual Funds, Bonds, Other”

You have the option of importing from your brokerage or entering the information yourself

Depending on the mix of your investments, you might have the option to enter "Sale Section Totals" saving you the time of entering each transaction.

(If you enter as a summary, you need to mail copies of your trade statements with Form 8453 to the IRS separate from your 1040)

Below are some links that should be helpful.

Here is a link for entering a large number of transactions using TurboTax.

HERE is a link discussing the qualifications of filing as a Trader

HERE is a link about filing with and without a Mark-to-Market election if you are a Trader

Re: day trading taxes question

Mike9241 — Wed, 21 Feb 2024 20:20:53 GMT

depending on the number of trades abd whether the FI partners with Turbotax you may be able to import the transactions. Fom the file tab

import from financial institution

enter name - if it doesn't show up you' are out of luck